What Happened to Triangle Town Center?
Triangle Town Center, a shopping mall in Raleigh, North Carolina, opened in 2002 as a major retail destination but has faced a turbulent history marked by financial instability, multiple ownership changes, and declining tenancy. After several anchor store departures and a significant drop in value, the mall was acquired by Summit Properties USA in December 2024, which has expressed plans for modernization and potential mixed-use redevelopment, even as major anchors like Macy's and Saks Fifth Avenue announced closures in early 2026. The property continues to grapple with safety concerns, with recent shooting incidents reported in April 2026.
Quick Answer
Triangle Town Center is currently under the ownership of Summit Properties USA, which acquired the 70-acre property in December 2024 with intentions to modernize and reposition it for a new era. However, the mall has recently seen the announced closures of two major anchor stores, Macy's (early 2026) and Saks Fifth Avenue (March 2026), further accelerating its decline as a traditional retail hub. Discussions are ongoing regarding its potential transformation into a mixed-use development, blending retail with housing and offices, while the property continues to experience safety challenges, including recent shooting incidents in April 2026.
📊Key Facts
📅Complete Timeline13 events
Grand Opening
Triangle Town Center opens with anchor stores Hudson Belk, Sears, Dillard's, and Hecht's, aiming to be a major retail hub in Raleigh, North Carolina.
Saks Fifth Avenue Opens
Saks Fifth Avenue opens its first North Carolina location at Triangle Town Center, adding a luxury anchor to the mall.
Hecht's Becomes Macy's
Hecht's department store at the mall is rebranded as Macy's following a corporate merger.
Gang-Related Brawl and Evacuation
A large altercation involving dozens of teenagers, deemed gang-related by police, forces a mass evacuation of the mall, leading to concerns about safety and a policy banning unaccompanied minors.
Acquired by DRA Advisors and CBL
DRA Advisors and CBL acquire Triangle Town Center for $174 million, taking on significant debt obligations.
Water Main Break
A major water main break causes the mall to evacuate and close, leading to long-term closures for some retailers like H&M and Zales.
Foreclosure and Sale to U.S. National Bank Association
The mall is purchased out of foreclosure by the U.S. National Bank Association for nearly $120.4 million due to heavy debt.
Sears Closes; Kohan Retail Investment Group Acquires Mall
Sears, a long-standing anchor, closes its store. Later in the year, Kohan Retail Investment Group purchases the mall for a significantly reduced price of $33.25 million.
Acquired by Summit Properties USA
New York-based Summit Properties USA acquires the 70-acre Triangle Town Center property as part of a $700 million deal, with plans to modernize and reposition the center.
Macy's Announces Closure
Macy's announces its plan to close its Triangle Town Center location by the end of Q1 2026, as part of a broader strategy to close 14 stores.
Saks Fifth Avenue Announces Closure
Saks Global announces the closure of its Saks Fifth Avenue store at Triangle Town Center, among 12 other locations, as part of cost-cutting measures related to the company's bankruptcy.
Parking Lot Shooting and Police Chase
A shooting incident occurs in the mall's parking lot, leading to a police chase and the detention of two individuals.
Another Shooting Incident Reported
Two people are shot at Triangle Town Center, with a suspect still at large and a heavy police presence reported at the scene.
🔍Deep Dive Analysis
Opened on August 14, 2002, Triangle Town Center was initially envisioned as a centerpiece of Raleigh's retail landscape, featuring prominent anchor stores like Hudson Belk, Sears, Dillard's, and Hecht's, with Saks Fifth Avenue joining in 2004. For several years, the mall thrived as a destination for shopping, dining, and leisure.
However, its fortunes began to shift due to a confluence of factors. A significant gang-related altercation in 2008 led to a mass evacuation and raised concerns about safety, prompting some retailers to leave and the mall to implement a controversial policy banning unaccompanied minors, which alienated a key demographic. The mall also faced increasing competition from other regional shopping centers like North Hills and Streets at Southpoint, which adapted more effectively to evolving consumer habits. A major water main break in 2018 caused closures and further store departures, including H&M and Zales, whose absence became permanent with the onset of the COVID-19 pandemic, which devastated many brick-and-mortar businesses.
The mall experienced a rollercoaster of ownership and financial woes. In 2016, DRA Advisors and CBL acquired it for $174 million, but heavy debt led to foreclosure, and it was sold to U.S. National Bank Association for $120.4 million in 2019. In 2021, Kohan Retail Investment Group purchased the property for a mere $33.25 million, a fraction of its previous value. Sears, one of its original anchors, closed in 2021.
A potential turning point arrived in December 2024 when Summit Properties USA, a UK-based investment group, acquired the 70-acre property as part of a broader $700 million deal. Summit expressed plans to modernize and reposition Triangle Town Center, committing to capital improvements and attracting new tenants. Despite this new ownership, the mall's challenges continued into 2026. Macy's announced in January 2026 that it would close its Triangle Town Center location as part of a nationwide plan. This was followed by Saks Global's announcement on March 6, 2026, that it would shutter its Saks Fifth Avenue store at the mall, alongside 11 other locations, as part of a bankruptcy-related cost-cutting measure.
As of April 2026, Triangle Town Center is characterized by visible decay and accelerating anchor losses, with only Belk and Dillard's remaining as traditional department store anchors. The mall's current owner, Summit Properties USA, has not publicly detailed specific redevelopment plans, but local analysts and urban planners suggest a future transformation into a mixed-use hub, incorporating open-air retail, housing, and offices, is the most viable path forward given its strategic location and transportation infrastructure. However, the property continues to face security challenges, with a shooting incident reported in the parking lot on April 8, 2026, and another on April 17, 2026, resulting in two people shot.
What If...?
Explore alternate histories. What if Triangle Town Center made different choices?